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chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today, protesting a government plan to freeze salaries and cut bonuses. the 24-hour strike closed schools, and brought air travel to a halt. we have a report from john sparks of independent television news. >> reporter: it's easy to say, the 24-hour strike closed greece filed a test case for other indebted states. its huge socialist government plans been cuts. for many here on the streets of athens today it is not acceptable. "the capitalist government has declared war on the working classes. we will respond with war-like measures," said this mp. the government wants to raise the retirement age by two year
chairman ben bernanke outlined the effort in written testimony for a congressional committee. bernanke said the economy still needs an easy money policy for now, but he added: "at some point the federal reserve will need to tighten financial conditions." the talk of higher rates kept wall street at bay. the dow jones industrial average lost 20 points to close at 10,038. the nasdaq fell three points to close below 2,148. thousands of workers in greece staged a national strike today,...
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Feb 11, 2010
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bernanke, and new york feds decided to give additional funds to aig. some of which we used to pay the counterparties to the contracts; right? >> yes, in november, in the t.a.r.p., we made a $40 billion capital investments, and then the fed put some additional money into which was used up for the contracts. >> just so we are clear, when we were giving credit here, the t.a.r.p., the $700 billion in t.a.r.p. was during your term as secretary of the treasury. >> implode of that, sir. >> that was your ideaing the t.a.r.p.? >> it was a number of ideas. it was something i'm proud of and it was necessary. >> and the $85 billion that was loined -- loaned to aig was not done through congress? >> no, that was a decision taken by the fed. >> what source did they use? >> they used their funds. >> and their funds, they emanate from where? >> from the u.s. government. >> where they fees from other banks, they come from your treasury, where? >> they come from fed obviously can print money. >> did they take money that they had from fees charged to number bank or print
bernanke, and new york feds decided to give additional funds to aig. some of which we used to pay the counterparties to the contracts; right? >> yes, in november, in the t.a.r.p., we made a $40 billion capital investments, and then the fed put some additional money into which was used up for the contracts. >> just so we are clear, when we were giving credit here, the t.a.r.p., the $700 billion in t.a.r.p. was during your term as secretary of the treasury. >> implode of that,...
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bernanke. -- thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] ♪ >> we have quite a lineup on this isle. only a couple on the other. we need a few more folks down here. we've already had to pull some day -- a fulsome day. let's proceed to our question and answer session. we have three other excellent speakers, so a lot to look forward to. i want the banking for coming and your excellent attention. this is our fifth symposium and they seem to get better every year, if that is indeed possible. thank you all for making this such a productive in event. all right, we will begin with our question and answer is, and because there are more of you then of view, we're going to start on this side. >> this is a question for mr. kantor. and cultural prophets redeem themselves with accurate insights? >> i am not sure that i understand the question. >> you are talking about cultural prophesied and you believe that they cannot predict accurately. bu
bernanke. -- thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] ♪ >> we have quite a lineup on this isle. only a couple on the other. we need a few more folks down here. we've already had to pull some day -- a fulsome day. let's proceed to our question and answer session. we have three other excellent speakers, so a lot to look forward to. i want the banking for coming and your excellent attention. this is our...
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bernanke said we cannot allow ourselves to be in a situation where the debt continues to rise which leads to an unsustainable situation. the former treasury secretary said it is clearly unsustainable the former head of the gao, general walker said we are on imprudent and unsustainable long-term fiscal path. the former chairman of the federal reserve, mr. greenspan said the federal budget is on an unsustainable path. do you noticed the similarity, unsustainable, unsustainable, unsustainable? i know there is a sense of denial among our colleagues about the seriousness of this threat. i see it every day. i have just come from açó meetig in which i see it. this is tough. but it has to be dealt with. if we let this get away from us, we will rue the day. we will rue-the-day. we will regret for ever the consequences to the country. we have to face up to this. whether it is through the commission that the president proposed or some other method, we have got to deal with the consequences of a failure to act. we have to act, the sooner the better. the economic security of our nation depends on an
bernanke said we cannot allow ourselves to be in a situation where the debt continues to rise which leads to an unsustainable situation. the former treasury secretary said it is clearly unsustainable the former head of the gao, general walker said we are on imprudent and unsustainable long-term fiscal path. the former chairman of the federal reserve, mr. greenspan said the federal budget is on an unsustainable path. do you noticed the similarity, unsustainable, unsustainable, unsustainable? i...